Richemont Seals Deal to Sell Pursemaker Lancel to Piquadro

Richemont agreed to sell ailing French pursemaker Lancel to Italy’s Piquadro SpA, a rare divestment as the Swiss luxury-goods maker sheds a business that has been holding back its growth in fashion and accessories. Richemont completed the sale on June 2 and the transaction won’t materially impact the company’s balance sheet or cash flow, Richemont said in a statement Monday, without disclosing financial details. The disposal comes more than a decade after Richemont bought the Paris-based brand for 342 million Swiss francs ($346 million).